Braverman, Oded; Kandel, Shmuel; Wohl, Avi - C.E.P.R. Discussion Papers - 2005
' aggregate net flows into and out of the funds and the returns of the funds in subsequent periods. The negative relationship that … we find (using monthly data of aggregate US equity mutual funds in the years 1984-2003 and a statistical test based on …-term accumulated return on a 'buy and hold' position in these funds. The 'bad' performance of mutual fund investors can be explained …